WRENTHAM, MASS. — Trammell Crow Residential has broken ground on a 240-unit apartment development in Wrentham, approximately 30 miles south of Boston. The complex, which will be called Alexan Wrentham, will anchor a 50-acre mixed-use development with restaurants, a hotel and an assisted living facility. The property is adjacent to the Wrentham State Forest, which offers miles of hiking and biking trails.Slated to be completed in the fall of 2019, the community will feature one-, two-, and three-bedroom units with stainless steel appliances, tile back splashes and hardwood flooring. Amenities will include a 7,000-square-foot clubhouse, fitness center, pet park and outdoor pool. Trammell Crow is serving as developer and general contractor for the project.
LA VERNE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of La Verne Courtyard, an 84,368-square-foot shopping center in La Verne, located 30 miles east of Los Angeles. The sales price was not disclosed, but The Real Deal reports Evan & MC LLC acquired the asset from Charles Co. for $20.7 million. Ed Hanley, Bill Asher and Kevin Fryman of Hanley arranged the transaction on behalf of the seller, while Wendy Wong and Katherine Quach of Treelane Realty Group represented the buyer. La Verne Courtyard was 97 percent leased at the time of sale to tenants such as Aldi, Orchard Supply Hardware, Jersey Mike’s Subs, Pacific Dental, OneMain Financial, Pizza Hut and Rubio’s.
LOS ANGELES — iBorrow, a private direct lender for commercial and multifamily real estate, has provided a $6 million loan for Golden Cross Health Care, a skilled nursing facility in the Pasadena submarket of Los Angeles. Originally constructed in 1965 and since remodeled, the facility sits on approximately one acre of land. The asset features 42 units and 96 beds, and is 97 percent occupied. The loan will refinance existing debt, with plans to approach HUD for a permanent loan in the future.
PHILADELPHIA — Kimco Realty’s Lincoln Square mixed-use project currently under development will be the site of Philadelphia’s first Sprouts Farmers Market. The 32,000-square-foot store is part of the adaptive reuse of Lincoln Square’s historic train station and will incorporate the Gothic Revival elements of the property. Work on the redevelopment project at the corner of South Broad Street and Washington Avenue, began in late 2016. Sprouts is one of the fastest growing grocers in the United States and has opened 30 stores in 2018. Other retail tenants that have signed on to the development include Target, PetSmart, Starbucks and Sprint. The project will also include 322 residential units. Residential move-ins are planned to begin this summer, with Sprouts set to open in the third quarter of 2018.
FARMINGTON, CONN. — New England Retail Properties has brokered the sale of the Tractor Supply store located at 361 Scott Swamp Road in Farmington for $3.6 million. New England Retail Properties arranged the transaction between the seller, AEI Property Corp., and the buyer, 361 Scott Swamp Road LLC. The property, a former Frank’s Nursery & Crafts, was acquired in 2010 and opened in 2011 as a Tractor Supply store after a retrofit of the building and grounds. The property, which is nine miles west of Hartford, serves the Farmington, Burlington, Plainville and surrounding markets. Founded in 1939, Tractor Supply has more than 1,700 stores in 49 states.
DENTON, TEXAS — Balfour Beatty Campus Solutions has broken ground on The Residential Village, a $75.5 million student housing project in Denton. The property will serve students at Texas Woman’s University (TWU), which is serving as co-developer of the project. The Residential Village will consist of 872 beds and offer amenities such as a fitness center, lounge and study areas. Hill & Wilkinson is serving as general contractor on the project, and Stantec is serving as lead architect. The community is scheduled to be delivered in time for TWU’s fall 2019 semester.
BEAUMONT, TEXAS — WINLYND LLC, a joint venture between Chicago-based Windy City RE LLC and San Antonio-based Lynd Opportunity Partners, has acquired Village at Lamar, a 384-bed student housing community in Beaumont. Built in 2006, the 96-unit property serves students at Lamar University, a four-year college that is part of the Texas State University system. Amenities include a pool, fitness center, volleyball court and a business center. WINLYND acquired the property via a foreclosure auction and will invest in renovations that are expected to be complete prior to the fall semester.
IRVING, TEXAS — HFF has negotiated the sale of Shops at MacArthur Hills, a 75,387-square-foot retail center located within the 12,000-acre Las Colinas district in Irving. Anchored by Whole Foods Market, the property was fully leased at the time of sale to tenants such as Zoës Kitchen, Fidelity Investments, Pure Barre and Sprint. Ryan Shore, Barry Brown, Jim Batjer and Aaron Johnson of HFF represented the seller, Dallas-based investment Leon Capital Group, in the transaction. New York-based Clarion Partners LLC purchased the asset free and clear of existing debt. The sales price was not disclosed.
DALLAS — Colliers International has brokered the sale of the McKool Building, an 18,206-square-foot office building located at 5025 N. Central Expressway in Dallas. The property is named after former Texas State Senator Mike McKool, who developed the building in 1965. Susan Gwin Burks, John Bowles and Bruce Butler of Colliers represented the seller in the transaction. An affiliate of Woods Capital Management LLC purchased the building for an undisclosed price.
BLOOMINGTON, MINN. — PCCP has provided a $23.8 million senior loan for the refinancing of Embassy Suites Bloomington in suburban Minneapolis. A venture between Lubert-Adler Real Estate Fund VII, Aimbridge Hospitality and Chelsea Hospitality Partners was the borrower. Loan terms were not disclosed. Built in 1980 and recently renovated, the 232-suite hotel is located at 2800 American Blvd. West. The eight-story property features 6,000 square feet of meeting space, a restaurant and bar, business center, fitness center, gift shop and indoor pool. Suites range in size form 476 to 532 square feet.